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Wednesday, 03 June 09
IPL-2 OVER, INDIAN COAL LEAGUE BEGINS IN SOUTH AFRICA - ECONOMICTIME
 Steel, cement and power companies, which have traditionally relied on cheap Indonesian coal to fuel their factories, are rushing to buy South African coal—hitherto a premium commodity—attracted by a sharp fall in prices.
This has impacted the contracts that these companies have with Indonesian suppliers, leading them to liquidate the commodity at lower prices, said industry executives.
Indian importers spotted the opportunity in South African coal when the Richards Bay coal index—an index based on trends at the largest coal-export facility in South Africa—hit a low of $55.85 per tonne in March, compared to $176.8 in July 2008. Currently, the index price is about $57.3 per tonne.
"Demand for South African coal has risen due to a considerable fall in prices," said Sponge Iron Manufacturers Association executive director SS Bhatnagar, one of the largest users of coal.
"Moreover, South African coal is more suitable for the sponge iron industry than Indonesian coal because the latter has more volatile material."
The calorific content of coal from South Africa is very high, which implies that it has higher heating value. Coal from Richards Bay has a calorific value of 6,600 Kcal/kg while it is about 6,500 Kcal/kg for Indonesian coal. Coal from Indonesia has high moisture content, which makes the dry South African coal much more attractive.
Last year, India imported 10 million tonne coal from South Africa. The bulk of India's imports are from Indonesia, where prices have fallen but not to the same extent as in South Africa. Indonesian coal prices are currently at $55-58 per tonne.
Imports from South Africa will increase this year, traders said, but it is unclear by how much. Adani Enterprises, which currently imports 0.5 million tonne South African coal every month, expects it to rise to 0.7-0.8 million tonne, said Vinay Prakash, who heads its coal business unit.
The sharp drop in the price of the South African coal is mainly attributed to falling demand from Europe. Reports suggest that stockpiles at Richards Bay have climbed to 4.19 million tonne, the highest since March 2007.
The Coal and Oil Group president & CEO Ahmed Buhari is of the view that it is primarily cement and sponge iron manufacturers who are replacing Indonesian coal with the South African variety.
"On an evaluated per kcal of energy, South African coal works out to be quite cost-effective. However, some power producers will prefer Indonesian coal due to its low sulphur content and for environmental reasons," he observed.
Source:http://economictimes.indiatimes.com/News/News-By-Industry/Indl-Goods--Svs/Metals--Mining/IPL-2-over-Indian-Coal-League-begins-in-South-Africa/articleshow/4610765.cms
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Wednesday, 17 June 09
MINE BLAST KILLS NINE, BURIES DOZENS
A major mine explosion near Sawahlunto city, West Sumatra, Tuesday, killed at least nine people while more than 30 were buried and are feared ...
Tuesday, 16 June 09
INDIAN MINING WORKER ARRESTED IN BENGKULU
Forestry officials in Bengkulu Province, Sumatra, arrested one Indian national and two Indonesians on Sunday for unauthorized exploration in the ele ...
Tuesday, 16 June 09
INDIAN GOVERNMENT MAY ALLOW PRIVATE COMPANIES TO MINE COAL
The government is “strongly considering” to allow commercial coal mining by private companies in a bid to bridge the demand-supply gap, ...
Monday, 15 June 09
SAFRICA'S COAL TERMINAL EXPANSION DELAYED TO Q4
South Africa's Richards Bay Coal Terminal (RBCT) said on Monday the completion of a project to expand the export facility had been delayed to the f ...
Monday, 15 June 09
SHENHUA DENIES GIVING GROUND ON EXPORT COAL PRICE - REUTERS
China Shenhua Energy Co, the country's top coal producer, expects Japanese and South Korean clients to pay at least as much as Chinese customers fo ...
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- Wilmar Investment Holdings
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